The Right Way to Start Your Manassas Park, VA Mortgage Process
Being a homeowner — it's an ambition that we all share! And it's an endeavor that you can get help with from beginning to end. If you're curious about the process of getting a mortgage in Manassas Park, keep reading. Then call Mr. Cooper to take your next step. Our mortgage professionals will get to know your particular situation and suggest the best loan options and terms for your circumstances.
Our crew can even help out when you kick off the search for a home. They can get you connected to Mr. Cooper® Agent Assurance, an organization of industry-leading real estate agents who know home sales inside and out. And if you're more of a DIY-er, you can browse homes on Mr. Cooper StreetSmarts. On the MLS site, you can compare Manassas Park homes, check your home’s value, and set up Home Alerts to find your dream home. And guess what? If you choose to buy a house with a Mr. Cooper mortgage, we'll pay for your move (up to 50 miles).
But we're getting too deep into the weeds. You're interested in the home loan process in Virginia. At a basic level, why do people get home loans? A home loan helps you buy a house sooner than you might otherwise be able. In some situations, it can also offer tax perks. What's more, keeping some cash in your bank account (instead of spending it all on a house) can come in handy for unexpected life expenses. These facts apply to the home loan preparation process everywhere, not just in Manassas Park, VA.
Houses in Manassas Park seem to move off the market just as fast as they come on, and you'll want to take action quickly — especially if you're on a tight timeline. We've been there, too! Here are a few of the most important steps in the VA mortgage loan process.
Start by thinking about how long you'll be in your new home. Is this a soon-to-be investment property? Or will you be enjoying your golden years in this house? If you plan on sticking around for a long time, you might consider a fixed-rate loan. Your interest rate stays the same when you have a fixed-rate home loan. But if this home is going to be a quick stopover, look at an adjustable-rate mortgage in Manassas Park. Your interest rate is only fixed for a certain amount of time with an adjustable-rate loan. After that date, the rate can go up or down at specific intervals. Let your mortgage professional help you select the best loan program for your needs during prequalification.
Then, submit your Manassas Park lender's home loan application. The process varies from lender to lender. Usually, though, you'll have to provide the following details: Social Security numbers, pay stubs, income sources, credit check authorization, the address of the home you'd like to buy, purchase contract, the amount you want to borrow, and your banking info.
Your lender will then give you a loan estimate. You'll receive your estimated monthly payment, interest rate, and closing costs. A quick note: the loan estimate isn't your final Manassas Park mortgage. It's an estimate, and you can seek out multiple estimates to find the absolute best option for you.
Partner with Mr. Cooper to complete the Manassas Park mortgage process and we'll provide you with a Verified Approval letter, which is an extremely accurate estimate. This letter shows home sellers and realtors you are a serious buyer. Not all lenders offer Verified Approval letters as Mr. Cooper does.
Ask questions during the home loan process! The FTC recommends home buyers to ask about additional fees, the loan's annual percentage rate, any special programs, and whether the quoted rate is the lowest for the week or day.
The Final Step for a Home Mortgage in Manassas Park, VA
You're in control now! Review your mortgage offers and choose the offer that's good for you. Examine the details in each one, from the loan term to the APR. A Mr. Cooper mortgage professional can even help you weigh the benefits and drawbacks of each. After you notify the lender about your choice, they may approve your loan and send you a Closing Disclosure. Closing Disclosure documents are a regular part of the home loan process, wherever you live in Virginia. A Closing Disclosure is a more formal write-up of your initial estimate. There might be differences in the first estimate and the disclosure. Ask your lender to explain these to you.
At Your Mortgage Closing in Manassas Park, VA
Once your home loan is approved by the lender, it's time to close on your dream house in Manassas Park! At this point in the home loan process, your broker and closing attorney come into the picture to sign off on the closing costs. Depending on your location, you might have to bring in a Manassas Park closing attorney to be there when you sign your loan docs. You never have to worry about your closing date flying by and leaving you in a pinch. We guarantee we’ll close your loan on time, or your first month’s mortgage payment (principal + interest) is on us*.
It's practically time to move in and unpack your boxes once you sign on the dotted line! You've completed the mortgage process in Manassas Park, and it's time to celebrate. You are a homeowner in Manassas Park! And if this all sounds too simple to be true, give Mr. Cooper a call. We strive to make the Manassas Park mortgage process an easy one.